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Jupiter Exchange partners with Ethena Labs to launch JupUSD, a Solana-native stablecoin integrating across Perps Swap to unify DeFi liquidity.
Author: Tanishq Bodh
Published On: Wed, 08 Oct 2025 19:48:51 GMT
October 8, 2025 – Solana’s DeFi landscape is set for a major shakeup. Jupiter Exchange, the blockchain’s top decentralized exchange aggregator, has announced the upcoming launch of its native stablecoin, JupUSD. The project, revealed today in partnership with Ethena Labs, aims to unify Jupiter’s growing “Jupiverse” ecosystem and strengthen Solana’s liquidity backbone. The launch is scheduled for Q4 2025.
Ethena Labs’ Stablecoin-as-a-Service (SaaS) framework powers JupUSD. This allows Jupiter to mint its own stablecoin without building a new protocol from scratch. At launch, JupUSD will be fully collateralized by USDtb, a dollar-pegged asset backed by short-term Treasuries and cash equivalents. Over time, it will migrate toward Ethena’s USDe, a synthetic yield-bearing dollar with delta-hedged reserves.
This hybrid model blends traditional security with DeFi-native returns, aiming to provide holders with both yield and stability. “JupUSD will plug into every major part of the Jupiter stack,” Ethena Labs stated in its announcement video, describing it as “the glue of the Jupiverse.”
JupUSD will integrate across Jupiter’s suite of products. On Jupiter Perps, existing JLP pool assets—currently worth around $750 million—will gradually transition to JupUSD, improving capital efficiency. On Jupiter Lend, it becomes the primary asset for borrowing and lending. Traders will also access it directly on Jupiter Swap, Pro, and Mobile interfaces.
The initiative addresses a long-standing challenge in Solana DeFi: fragmented liquidity. With over $10 billion in monthly trading volume, Jupiter seeks to control its own stablecoin rails. By doing so, it reduces reliance on USDC and cross-chain bridges while capturing fees that benefit JUP stakers through governance or yield incentives.
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Ethena CEO Guy Young praised Jupiter as “one of the best teams on Solana.” Analysts agree, calling the alliance a potential catalyst for institutional adoption. However, critics note that JupUSD’s multi-layered collateral—USDtb tied to T-bills and BlackRock’s BUIDL fund—could create systemic risks in volatile markets.
Even so, independent audits and transparency reports are planned ahead of launch. If successful, JupUSD could position Solana as a stablecoin innovation hub, blending Ethena’s yield tech with Jupiter’s liquidity depth.
As Q4 approaches, the crypto community is watching closely. For Solana’s DeFi builders, JupUSD isn’t just another stablecoin—it’s the cornerstone of a more connected, self-sustaining ecosystem.
Real voices. Real reactions.
@JupiterExchange @ethena_labs At this point I’m just waiting for JUP branded bath water. Jupiter makes everything
@JupiterExchange @HODLRFOLD @ethena_labs A lot of things shipped this q4 Jupiter keeps expanding things I love to see
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